Many Tennessee consumers have some credit card debt. Like many others, you may use your credit card as a way to pay for daily purchases, like groceries, gas and clothes. You may also depend on your credit card as a sort of emergency fund — a way to pay for unexpected things you didn’t know you would need, like medication or even medical bills.
Credit cards are part of the American financial landscape, but they are easy to lose track of. Surveys have found that a surprisingly high number of people actually do not know how much they owe. It may surprise you to learn that many people also have no idea how much interest they pay as well. When a person is facing a financial situation that is beyond his or her control, it may be appropriate to consider the benefits of consumer bankruptcy.
Americans and their credit card debt
Debt related to credit card spending is one of the leading financial concerns faced by consumers. Despite the fact that overall credit card debt is at an all-time high, some consumers actually do not know that they even have credit card debt, or if they do, how much the balance is. If this fact is alarming to you, consider the following:
- Around 30 percent of people who have credit cards say they do not know how much interest they pay each month.
- Many people who have a lot of credit card debt accumulate these balances when they are young and are less experienced with smart financial management.
- As many as 24 percent of people who have credit card debt owe at least $10,000.
Some consumers may want to consider things like balance transfer cards and even debt management techniques by which they can pay down what they owe, but that is not always effective for every person overwhelmed by their credit card balances.
Are you a statistic?
If you are one of the people who are facing the serious problem of having more debt than you can ever hope to pay on your own, you are not alone. There are legal options by which you can deal with your credit card debt once and for all and reclaim a stronger financial future — through a bankruptcy filing.
Consumer bankruptcy offers you protection from creditors while allowing you to follow a specific court-approved bankruptcy plan. You will be able to discharge some types of unsecured debt, such as credit card balances. It is smart to consider all of the legal options available to you, which you can do by seeking a thorough evaluation of your case.